risk management
The other side of the coin A couple of days ago, I wrote an article on risk acceptance and how it actually requires a lot of work in terms of contingency planning. Of course, there is another side to that coin. The curse of middle management What is the scope
risk management
Rereading the title of this post, my first reaction is that this is stating the blindingly obvious. The problem is, in reality this is far from that obvious. More than once I've been confronted with situations in which risk acceptance by a manager turned out to become risk
risk management
What went before ... In the early '00s, the relevance of using risk models was very much disputed. A number of leading companies in the risk management field did not see the reason to use models, as they felt that practice impeded organizations from assessing the entirety of their risks.
risk management
The limitations of current risk management approaches Risk management is most usually limited to the organization whose risks are being analyzed. Stakeholders are considered in most frameworks, but often only in the context of information and communication. They are seldom considered an active, contributing party in the context of risk
risk management
I've been teaching a risk management class at Solvay Brussels School (SBS) this week. Teaching these classes always brings home to me how much I love to teach. The exchange, the pace, the ideas ... as long as it stays concrete, I really feel as if I'm
Stream of Consciousness
Just finished a discussion with a friend on whether it's possible to do goal management in a public sector environment. But before we go into that, perhaps I need to define a goal first. Defining a goal A goal in a public sector context is, in my book,
risk management
Risk impact management complements risk exposure management Managing risk impacts is a common practice among risk practitioners. It is a recognized approach which, if used well, complements actions aimed at reducing the likelihood of occurrence of a risk. What is more disconcerting is finding out that risk impact management is
risk management
Attending an IIA training in Brussels today on Corporate Governance audits, an excellent training by the way, we (the participants) started discussing risk appetite. The discussion got me thinking about the way we establish or validate risk appetite and the issues that come with that. Let me take you through
Stream of Consciousness
How to determine a risk profile and calculate a level of risk? Introduction This is a significant rewrite and a first time write-up in English of an article I published in Dutch in May of 2009. I'm revisiting it because I had an interesting exchange with my ERM
Stream of Consciousness
As of its inception, there have been a lot of comments on COSO-ERM and how it can be applied in practice in an organizational setting. Those of you, dear reader, who have followed this blog know I am not an avid fan of the framework. However, contrary to some experts
Stream of Consciousness
Fear is Good Remember the Gordon Gecko character in Oliver Stone’s landmark “Wall Street”? His credo was “Greed is Good”. I want to offer that “Fear is Good”. Fear has helped us surviving as humans, and fear - or its relevant equivalent - can make a survival difference for
Stream of Consciousness
I just found this very interesting blog post on the blog of Peter Bonisch. You can find the post here and I suggest you read the post in full. I’ve reacted to this post with my own thoughts on the subject matter. You can find my reply below. Hi